Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates Its bad debts as 0.80% of Its annual credit sales of $870,000. Chan records Its bad debts expense for that estimate. On the following February 1, Chan decides that the $435 account of P. Park Is uncollectible and writes It off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's Journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry View general journal Clear entry1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account 4 Record the cash received on account